Real estate developer Puravankara Ltd said it has started taking ‘expressions of interest’ from buyers for its upcoming ‘affordable’ housing project at Judicial Layout, Kanakapura Road, Bangalore.

Provident Park Square is being taken to market through a quasi-book building method. Under this, price bands are announced for each type of property and interested buyers can place bids at the price of their choosing within the band.

The final price, to be announced in March, will be decided by checking for the highest price at which all or most of the units can be sold.

Even if someone places a bid that is higher than the final price, the person will have to pay only the final price, and not his bid price.

However, those that place bids first will be given the first choice of units, allowing them to pick the best locations. This will be based on first-cum-first-serve method, the developer pointed out. The first phase of Provident Park Square will be ready by 2021.

“This project is a one of a kind mixed development project which caters to the needs of a new age home buyer, like a micro mall. The property includes restaurants, retail stores and many more such lifestyle amenities,” it said.

Puravankara will use what it called “precast technology” to create the apartments.

“The Home buying process from time immemorial has depended on “brute-force negotiation” between buyers and the seller,” said Puravankara, arguably the most dominant residential housing brand in Bangalore.

“The quasi-book building method eliminates this wasteful exercise and introduces a transparent yet competitive manner of price discovery and selling of real estate, which becomes even more essential in the “Low-margin-High-Volume’ affordable housing space,” it said.

The project will seen an investment of Rs 600 crores, the company said.

The company said it has plans to develop 10 mln sq.ft of affordable housing projects through the next 13-15 months.

“After some interesting times in 2017, we are optimistic about 2018 being a great year for the industry,” said Ashish R. Puravankara, Managing Director, Puravankara.